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Chevron (ticker: CVX) announced a major oil discovery in the Gulf of Mexico today, at the Ballymore prospect.

Ballymore is located in the Mississippi Canyon area of the Gulf, about three miles from Chevron’s Blind Faith platform. Located in over 6,500 feet of water, the initial Ballymore well reached a measured depth of just under 29,200 feet. Chevron reports it encountered more than 670 net feet of oil pay with excellent reservoir and fluid characteristics. A sidetrack well is currently being drilled to continue assessment and define development options.

Chevron Announces Gulf of Mexico Discovery

Source: Chevron

Chevron holds a 60% working interest in the Ballymore well, with Total owning the remaining 40%.

Chevron North America President of Exploration and Production Jeff Shellebarger commented “The Gulf of Mexico deepwater is an integral part of our company’s long-term strategy. This discovery is an important addition to our portfolio, especially with its combination of size, quality and proximity to existing infrastructure.”

This discovery adds to Chevron’s three primary GOM operations, Tahiti, Big Foot and Jack St. Malo.

Tahiti is one of Chevron’s largest producing operations in the GOM. Current activities will expand the production in sands above the main developed reservoir 25,000 feet below sea level. Big Foot is located 225 miles south of New Orleans in mile-deep water. The Big Foot platform is designed for a capacity of 75 MBOPD and will produce from a field with recoverable resources of 200 MMBOE.

The Jack and St. Malo fields are Chevron’s signature deepwater project in the Gulf, with significant reserves available. The facility has an initial capacity of 170 MBOPD, and will produce for 30 years. Chevron reports the two fields have more than 500 MMBOE of recoverable reserves.

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